Stepping up to the trough

I'm sure that while you pay close to $4 a gallon for gasoline and struggle to pay your mortgage and other obligations, you won't mind that the government is using your tax dollars to finance an $85 billion loan to bail out one of the world's largest insurance companies, American International Group Inc. This comes on the heels of the government's move to take control of mortgage giants Fannie Mae and Freddie Mac, which could cost as much as $200 billion. That's right. The government can't find the money to repair or replace the nation's crumbling roads, bridges and water systems, but if multibillion-dollar financial institutions get their tits in a wringer, Uncle Sam is quick to write a check, using our money. It's expected that the feds, who will now have a controlling interest in AIG, will remove the company's chief executive, Robert Willumstad, who has been in the post only since June. But shed no tears for Mrs. Willumstad. His deal with AIG called for a $1 million base salary and a minimum annual bonus of $4 million. He can take a little time to consider his future work options. I also read in recent weeks that American automakers, which just a few years ago were raking in billions in profits while fighting tooth and nail against higher fuel-efficiency standards, are now coming to Congress to seek as much as $50 billion in low-interest loans to help them modernize their plants and develop more fuel-efficient vehicles. It's mind-boggling. But a couple of prominent politicians have said recently that there's no need to worry because the nation's economy is fundamentally strong. I'm no more of an economist than they are, but when a financial sector meltdown costs us hundreds of billions of tax dollars, when the retail sector is contracting and when unemployment is above 6 percent, I'm going to have to say they're wrong.